IDFC FIRST Bank’s Wealth Credit Card arrived in the Indian market a few years ago and was once regarded as a strong contender in the premium segment. Recent changes, especially those implemented in May 2024, have reduced many of its advantages. For most cardholders today, the card’s value is hard to justify unless you meet specific usage patterns or spend thresholds. Below is an updated, concise look at what the IDFC FIRST Wealth Credit Card offers now.
Table of Contents
- Overview
- Fees
- Design
- Rewards
- Lounge Access & Spa
- Golf Benefit
- Forex Markup
- Other Benefits
- Getting the Card
- Bottomline
Overview
| Type | Entry Level Credit Card (not premium anymore) |
| Reward Rate | 0.16% – 1.66% |
| Annual Fee | Lifetime Free |
| Best for | Low spends, for wealth Customers |
| USP | Voucher & cash credit redemptions |
Although marketed as a super-premium product, the Wealth Credit Card now feels more like an entry-level, lifetime-free card targeted at the bank’s wealth customers. Several reward devaluations and new conditions have pushed it out of the premium bracket.
Fees
| Joining / Renewal Fee | Lifetime Free |
| Welcome Benefit | 500 INR voucher (Spend 5000 INR in 30 days) |
- The card retains a lifetime-free status, which is attractive, but that positioning has limited the issuer’s ability to maintain premium-level benefits over time.
Design
The refreshed card design looks clean but does not convey the premium feel of earlier versions. The animated-style aesthetic is better suited to retail products, making the current look somewhat inconsistent with the wealth positioning. Given the card is lifetime-free, this compromise is understandable.
Rewards
| SPEND TYPE | REWARDS | REWARD RATE |
|---|---|---|
| Offline Spends | 3 RP / 150 INR (3X) | 0.50% |
| Online Spends | 3 RP / 150 INR (3X) | 0.50% |
| Spends >20K (per stmt) | 10 RP / 150 INR (10X) | 1.66% |
| Spends on Birthday | 10 RP / 150 INR (10X) | 1.66% |
| Flight Spends | 20 RP / 150 INR (10X) | 3.3% |
| Hotel Spends | 50 RP / 150 INR (10X) | 8.3% |
- 1 Reward Point = 0.25 INR
- Earning rate: 1 RP per 150 INR (reduced from 1 RP per 100 INR previously)
- Redemption fee: 99 INR + GST (effective from 1 Oct 2022)
- Reward points do not expire
- Travel bonus reward cap: 8,000 RP per month
- Redemption cap: 100,000 RP per month, 200,000 RP per year
Bonus points apply for flights and hotels booked via the bank’s “Travel & Shop” section in the mobile app. Recent changes introduced several restrictions and carve-outs that lower effective earnings across many common categories.
Key limits and conditions
- Insurance and utilities now earn 1 RP per 150 INR (≈0.20%).
- Rent, government payments, wallet loads and education spend earn 3 RP per 150 INR (≈0.50%).
- These categories are excluded from 10X bonus calculations.
- Utility MCCs (4814, 4816, 4899, 4900) earn only 1X (≈0.16%).
- Commercial spends above ₹20,000 per month may incur a 1% fee on utility-type transactions.
- Only spends within the assigned credit limit in a billing month qualify for certain bonuses.
Lounge Access & Spa
| ACCESS TYPE | ACCESS VIA | LIMITS |
|---|---|---|
| Domestic Airport Lounges | Visa | 2/Qtr |
| Domestic Railway Lounges | Visa | 4/Qtr |
| Domestic Airport Lounges & Spa | Dreamfolks | 2/Qtr (shared) |
| International Airport Lounges | Dreamfolks | 2/Qtr (shared) |
The card’s DreamFolks access covers selected domestic and international lounges and some airport spas. Because many other premium cards already offer lounge access, the spa benefit may be the more distinctive perk for cardholders.
Update: From 1 May 2024, a minimum monthly spend of ₹20,000 is required in the current calendar month to qualify for lounge and spa access in the following month. This monthly tracking requirement can be inconvenient; an annual spend threshold would be more user-friendly.
Golf Benefit
- Complimentary rounds: Up to 2 per month (includes games and lessons)
- Benefit is linked to monthly spend thresholds
You unlock one or two complimentary rounds based on monthly spends: ₹20,000 for one round, ₹40,000 for two. Earned rounds are available for redemption from the 1st of the next month and remain redeemable for up to 60 days. This monthly tracking model is restrictive compared with quarterly or annual thresholds used by other issuers.
Forex Markup
- Forex markup fee: 1.5% + GST (≈1.77%)
- Typical reward return: up to ≈1.66% (depending on spend)
- Net outcome: likely a small loss on forex spends after accounting for the markup
Because reward value was reduced, even high-value foreign currency spending on this card tends to result in a slight net loss once the forex markup is factored in.
Other Benefits
- Complimentary Roadside Assistance (RSA) valued at around ₹1,399
- Interest-free cash withdrawal window up to 45 days (withdrawal fee ₹199 + GST, limit up to ₹10,000 per transaction)
- Revolving interest rate: relatively lower compared with many issuers (typically in the 20%–24% p.a. range; example cited at 22% p.a.)
- Movie benefit via Visa Infinite: discounts on BookMyShow (e.g., ₹300 on ticket, ₹200 on F&B depending on offers)
Roadside assistance is a useful add-on for occasional emergencies. The lower revolving interest rate can help those who carry balances, though qualification and individual rates vary. The interest-free cash withdrawal feature can be costly in practice because of the withdrawal fee and transaction limits.
Getting the Card
- Eligibility: IDFC Wealth account holders or applicants with >₹5 lakh total credit limit across other bank cards
- Apply online for instant approval if eligible
If you have a combined credit limit above ₹5 lakh on other bank cards, you may be eligible for the Wealth variant when applying online and could receive a virtual card quickly. If your existing limits are lower, you may need to start with the Select variant and seek an upgrade later after increasing your limit.
To upgrade from the Select card, you typically need a credit limit increase to at least ₹5 lakh and then request an upgrade via customer care or email.
Bottomline
- Cardexpert Rating: 3/5
The IDFC FIRST Wealth Credit Card was a compelling product until recent devaluations took effect in May 2024. Its lifetime-free pricing still makes it attractive for some, but the tightened reward rules and monthly spend conditions significantly reduce its broad appeal. If you can meet the monthly spend requirements to unlock lounge, spa and golf benefits, it may still be worth keeping while it remains free. Otherwise, those seeking stronger rewards and benefits may need to consider paid alternatives or other premium cards.
Do you still hold the IDFC FIRST Wealth Credit Card? Share your experience in the comments if you’d like.